“Despite the state of the global economy, which is still very much in the recovery phase, it bodes well the Cayman Islands has continued to maintain its high sovereign rating from Moody’s,” Mr. Jalles said.

“Our economic stability remains one of our key strengths as a financial services jurisdiction, and this recent assessment is a testament to how hard the private and public sector stakeholders have worked to maintain the credibility of the country over the years,” he added.

The sovereign rating is not only important for the ability of the Cayman Islands to borrow on the international markets at low interest rates, but it is also crucial for the continued success of the country in attracting hedge funds, captive insurance clients, banks, and other financial services business, Mr. Jalles explained.

The government recently renegotiated interest rates of five bank loans, a move that will result in $6 million interest savings over the next 10 years. The Chamber of Commerce Council commended Finance and Economic Development Minister Marco Archer for initiating and implementing the renegotiation of the government loans.

“This is a significant achievement and demonstrates [the] Ministry’s commitment to reduce its operational costs,” said President Johann Moxam, speaking on behalf of the Chamber Council.

“While more work needs to be done to reduce the cost of government and to determine which services can be delivered by the private sector, Minister Archer’s action should be used as an example for other ministries to follow.”

Every aspect of government must be evaluated to determine whether the services that are provided can be delivered more cost effectively by government or privatized entirely, Mr Moxam said.

He emphasized the need for a proper performance system “to ensure that each ministry, department and agency of government is getting value for money from its employees.”

The Chamber of Commerce said it is working with the deputy governor’s office on Phase V of the review of public services called “Cutting Red Tape/Digital by Default.”

“The Chamber has actively participated in each step of the government reform process to date, which has led to millions of dollars in savings. It is a role that we embrace enthusiastically with the ultimate goal of reducing the operational costs and improving service and efficiencies so the government can ultimately pass on the savings to the business sector by way of lower fees and duties,” he added.